How an InsurTech rethought transactional outsourcing with Chazey Partners

Savvy enterprises are looking beyond cheaper delivery in favor of partners that can deliver smarter operating models. A leading insurance technology (InsurTech) provider did exactly that when it partnered with Chazey Partners in 2024. Together, they established a nearshore delivery center that delivered far more than the standard cost savings expected from traditional transactional outsourcing, transforming the InsurTech’s entire finance operation.

We connected with the provider’s senior vice president of Global Business Services to learn about the journey and why enterprises must recognize that traditional outsourcing models can be replaced by transformation-driven counterparts.

Fragmented processes and an inefficient offshore model stalled transformation

This firm has a history spanning many decades but became the formal entity it is today only five years ago, when multiple large organizations merged into one brand and adopted the InsurTech mantle. While this brought scale, expertise, and market presence, it also came with a roster of new challenges. In particular, the InsurTech faced disjointed and broken processes, causing countless inefficiencies throughout the business. 

Recognizing this, the InsurTech turned to its partner ecosystem to streamline its finance operations. The first step was to assess its existing partnerships, which revealed significant scope for improvement. At the time, it had numerous partners providing varying aspects of support, including an offshore provider responsible for much of its finance function. During our conversation, its leadership cited multiple challenges with the engagement, ranging from talent acquisition and performance issues to ever-changing service agreements. The real issue, however, was the lack of real transformation, as they explained:

It was a reactive environment. We were constantly dealing with issues but never really solving them.

— Senior Vice President of Global Business Services at the InsurTech

As a result, the InsurTech began searching for a partner that could move beyond a transactional relationship to a transformation-first model—and that’s where Chazey Partners came in.

Modernizing finance with the new delivery centre in Colombia

The InsurTech first met Chazey Partners at a conference in 2023, but it was nearly a year before they reached a formal agreement. During that time, the InsurTech considered a handful of leading consulting firms but ultimately chose Chazey Partners for its deep expertise in Latin America, strong track record of client success, and practitioner-led approach—qualities that aligned with the transformation it was seeking.

Once the partnership was established, the firms jointly curated a nearshoring strategy to replace the incumbent offshore model. They emphasized it was a partnership, not a transactional relationship. Throughout the planning phase, the InsurTech’s team stressed that this was about more than simply relocating operations closer. They wanted to create a modern finance function that was agile enough to meet their evolving needs as they continue to grow.

This wasn’t just a lift-and-shift. This was a business-led transformation. We wanted to build a centre that worked on our terms and could grow with us, and Chazey made that possible.

— Senior Vice President of Global Business Services at the InsurTech

Thanks to its strong talent pool, cost-effectiveness, and proximity to the US, Bogotá in Colombia was chosen for setting up the delivery centre. Chazey Partners secured a building, hired more than 50 skilled individuals, and ensured the centre was regulatory and security compliant. It focused initially on hiring strong leaders in the region and tasked them with expanding the team further, while both firms worked together to decide which finance workflows should move to the centre. They did all this without the constraints of typical FTE models, taking a customized and flexible approach instead—moving further beyond the traditional transactional mindset.

Launched with zero disruption and significant efficiency gains

Within three months, the Colombia centre was fully functional and focused on the InsurTech’s order-to-cash function while achieving zero disruption to day-to-day operations. To ensure a smooth knowledge transfer, members of InsurTech’s internal finance team in the US travelled to Bogotá to run structured training sessions and onboard new members.

In the subsequent months, the Bogotá team worked to standardize processes and identify automation opportunities, transforming the finance function from the ground up. This led to a reported 30% gain in efficiency, which leadership largely attributes to Chazey Partners’ strong talent in the region. The newfound efficiency significantly reduced manual effort and enhanced accuracy across mission-critical workflows, leading to a ripple effect across the InsurTech’s wider business.

The InsurTech plans to extend the model across additional functions; HR, IT, and procurement are already identified as notable opportunities for the Bogotà treatment. The excitement about expanding to other areas of the business underscored the success of the transformation and sends a strong message to other enterprises: pursue similar initiatives by partnering with firms that aren’t focused on transactional outcomes but genuine business transformation.

The Bottom Line: Don’t settle for transactional outsourcing models. If others can drive transformation, so can you.

The partnership proved that nearshoring goes beyond cutting costs. It’s about building smarter and more scalable operations, but that’s only possible with the right partner. The Bogotá centre didn’t just replace an underperforming offshore agreement; it became a roadmap for how Global Business Services can drive transformation across a business. With the right location, model, and partner, enterprises can look beyond transactional outsourcing and deliver similar transformation within their own organizations.